记者丨刘婧汐 谢之迎 编辑丨高梦阳 谭璐 金珊 量贩零食界或将迎来首家 A+H股上市公司。 处于高速发展期 2025年9月23日，来自福建的万辰生物科技集团股份有限公司(简称"万辰集团")在港交所递交招股书， 拟在香港主板挂牌上市。 其在量贩零食领域最大的竞争对手——鸣鸣很忙也在今年的四月份向港交所递交了招股书。接下来，谁 能更快完成港股上市进程，谁就有望成为"港交所量贩零食第一股"。 90后二代接棒 从业绩上看，近两年万辰集团正处于快速增长中，势头强劲，此时上市颇有"趁热打铁"的意味。 招股书显示，在过去的2022年、2023年、2024年，万辰集团的营业收入分别为人民币5.49亿、92.94亿、 323.29亿，相应的净利润分别为人民币0.68亿、-1.76亿、6.11亿。2023年至2024年GMV同比增长282%。 根据万辰集团于8月28日公布的财报，该公司上半年实现归母净利润4.72亿元，同比增长50,358.8%，总 营收达225.83亿元，同比增长106.89%，2025年上半年的毛利率为11.49%。 这得益于公司旗下以"好想来"品牌为主的零食饮料零售业务的高速扩张。 万辰集团以菌菇生意起家。 ...

Core Viewpoint - Wancheng Group reported a remarkable increase in its financial performance for the first half of the year, with revenue and net profit showing significant year-on-year growth, indicating strong operational efficiency and market positioning in the snack retail sector [2][3]. Financial Performance - The company achieved a revenue of 22.58 billion yuan, representing a year-on-year increase of 106.89% [3]. - The net profit attributable to shareholders reached 471.57 million yuan, a staggering increase of 50,358.80% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 450.54 million yuan, marking a 14,722.34% increase [3]. - The net cash flow from operating activities was 1.30 billion yuan, up 133.37% year-on-year [3]. - Basic earnings per share were 2.62 yuan, reflecting a 45,864.91% increase [3]. - The diluted earnings per share were 2.42 yuan, with a growth of 45.53% [3]. - The weighted average return on equity was 34.99%, a significant increase from 0.12% [3]. Business Segments - The company operates primarily in two segments: the edible fungus business and the rapidly growing snack retail business, which has become its core focus [5]. - The snack retail business generated 22.34 billion yuan in revenue, showing a year-on-year growth of 109.33% [2][5]. - The edible fungus segment experienced a revenue decline of 1.24%, totaling 2.38 billion yuan, due to market fluctuations [5]. Store Expansion and Strategy - As of June 2025, Wancheng Group had expanded its snack retail network to 15,365 stores across 29 provinces, enhancing its scale advantages [5]. - The company added 1,468 new stores in the first half of 2025, a decrease from the previous years' additions of 1,737 and 2,105 stores, indicating a shift in strategy towards improving store quality rather than just quantity [5][6]. - The company is focusing on enhancing operational efficiency through supply chain upgrades, smart logistics, and brand development [6]. Profitability and Market Position - The gross margin for snack products improved to 11.49%, an increase of 0.62% year-on-year [7]. - The company is actively pursuing mergers and acquisitions to strengthen its snack business, including a recent acquisition of a 49% stake in Nanjing Wanyou, which operates the "Lai You Pin" brand [8][9]. - Wancheng Group plans to issue H-shares and list on the Hong Kong Stock Exchange to support its international expansion and enhance brand recognition [8][9]. Stock Performance - As of August 28, Wancheng Group's stock closed at 176.5 yuan per share, with a total market capitalization of 33.11 billion yuan, reflecting a year-to-date increase of over 120% [9].

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and net profit for Wancheng Group in the first half of 2025, with a focus on its snack chain business [1] - The company's operating revenue reached 22.583 billion yuan, representing a year-on-year increase of 106.89% [1] - The net profit attributable to shareholders was 472 million yuan, showing an astonishing year-on-year growth of 50,358.8% [1] Group 2 - The snack chain business generated 22.345 billion yuan in revenue, reflecting a year-on-year growth of 109.33% [1] - The company has rapidly increased its store count and steadily improved operational efficiency, contributing to its brand strength [1] - After adding back the share-based payment expenses for core employee incentives, the profit amounted to 959 million yuan [1]

Core Viewpoint - Wanchen Group is acquiring a 49% stake in Nanjing Wanyou for 1.379 billion yuan, aiming to optimize its equity structure and governance [2][3] Company Summary - After the acquisition, Wanchen Group's ownership in Nanjing Wanyou will increase to 75.01%, potentially enhancing net profit attributable to shareholders [3] - Nanjing Wanyou, established in 2022, is a key player in the regional snack retail market, generating 7.712 billion yuan in revenue in 2024 [3] - The company has transitioned from a mushroom business to a snack retail chain since 2022, consolidating its brands under "Haoxianglai" [4] Industry Summary - The snack retail sector in China has seen rapid growth, with market size increasing from 4.08 billion yuan in 2019 to 70.67 billion yuan in 2023, reflecting a CAGR of 104% [3] - The industry is expected to continue its rapid expansion over the next five years, driven by consumer demand in lower-tier cities [3] - As of the end of 2024, Wanchen Group operates 14,196 snack retail stores across 29 provinces, with significant growth in store numbers [5]